DASH Price Stares At 37% Losses - Here Is Why

DASH Price Stares At 37% Losses – Here Is Why

Updated: 13 February 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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DASH is trading at $62.9 with a bullish bias as buyers fight to rise above a significant supplier congestion zone. Despite a positive outlook from the technical indicators, failure to overcome this barrier could put the global payments token at risk of further losses. Let’s find out why this is the case.

DASH Trades Within A Key Resistance Area

The DASH price traded in a fourth straight bullish session as bulls sought to recover all the losses incurred last week. The Relative Strength Index (RSI) and the moving averages were facing up. A suggestion that there were more buyers than sellers in the market. The price strength at 60 shows that the price action favored the upside.

The moving averages also provided robust support on the downside. Also, note that these chart-overlay indicators had sent a call to buy Dash on the daily chart (below). This was in the form of a bullish cross that took place on February 8 when the 100-day Simple Moving Average (SMA) crossed above the 200-day SMA.

This pointed to the ability of the buyers to push the price higher, in the near term. If the price turns up from the current levels, it may rise to tag the $88 resistance level.

DASH/USD Daily Chart

DASH Price Chart - Feb 13 — *TradingView Chart: DASH/USD*

However, it is important to note the Dash token traded within a significant resistance zone stretching from $54 to $66 (orange band). An investor seeking to buy DASH could wait for the price to produce a decisive close above the upper limit of the supply zone at $66.

If this is not achieved, selling pressure from this area could send the price plummeting 37% to seek refuge from the $39 support wall. Note that the price has been rejected twice by the supplier congestion zone in the recent past. The first was in June when DASH turn away from the high at $67 tumbling 41% to set a sing low at $38.

The second time DASH bulls were unable to penetrate this roadblock was when the price dropped 31.6% from a high of $58 to set another swing low at $39 between August 14 and September 20. Therefore, the inability of the buyers to sustain the uptrend and push the price above this region would mean that the token is still at risk of returning to the levels around $40.

Alternatives To DASH

As market participants remain hopeful that DASH will sustain the uptrend, they may wish to consider, the native token of a new move-to-earn (M2E) project Fight Out.

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— Fight Out (@FightOut_) February 12, 2023